Markets regulator Securities and Exchange Board of India (Sebi), which has been probing the alleged misuse of high-frequency trading offered through National Stock Exchange's co-location facility, on Tuesday directed the leading stock exchange to disgorge more than Rs 625 crore. The exchange has also been barred from the securities market for 6 months.
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The order said that the NSE did not exercise due diligence while putting in place Tick-by-Tick (TBT) architecture and directed the exchange to frequently carry out system audits.
Besides, Ravi Narain and Chitra Ramkrishna, two former chief executive officers of NSE, have been asked to disgorge 25 percent of their respective salaries drawn during a certain period.
Here are the highlights from the order:
First Published: IST